Pierre et Vacances (VAC) Q4 2025 earnings summary

Executive summary

• Revenue reached €1.95 billion, with tourism revenue up 3.8% year-over-year and adjusted EBITDA at €181 million (9.7% margin), exceeding guidance.

• Net income was €41 million, marking the second consecutive year of positive results.

• Net cash position improved to €45 million, and operating cash flow increased to €74 million.

• Customer satisfaction (NPS) rose by 20 points over three years, driven by premiumization and investment in customer experience.

• Accelerated development with nearly 1,500 new accommodation units, portfolio expansion, and entry into new markets including Scandinavia, Spain, Italy, Andorra, and Switzerland.

Financial highlights

• Total revenue was €1.946 billion, with tourism revenue at €1.875 billion, up 3.8% year-over-year.

• Accommodation revenue grew 3.3% to €1.439 billion, driven by higher average daily rates and increased inventory.

• Adjusted EBITDA increased to €181.1 million (9.7% margin), with net profit at €41 million, up from €28.7 million.

• Operating cash flow was €74 million, and gross financial debt reduced to €52.4 million.

• Cost savings of €77 million delivered since 2022, with a target to exceed €80 million by 2026.

Outlook and guidance

• Bookings for autumn, winter, and spring 2026 are significantly up compared to the previous year.

• The group targets €185 million adjusted EBITDA for 2026 and €270 million by 2030, with an 11% margin.

• Strategic review underway, with decisions expected in early 2026 and potential changes in shareholder structure.